Karoon Gas (KAR)

Hydrocarbon explorer
Karoon Gas
extended its capital raising this week, offering retail investors the chance to increase their holdings by up to $15,000 each. The company raised $186.4 million from its institutional investors last week and this week turned to retail investors. The share placement gives investors the opportunity to buy in at $7 a share, a discount of about 50¢ from their last trading price. The stock is down 32 per cent from its 52-week highs of $11.07. The institutional placement lead to a few changes on the company’s share register. Janus Capital Management became a substantial holder with a 6.3 per cent stake, while Wellington Management’s holding dropped slightly to 13.9 per cent. Karoon Gas invests in exploration and evaluation projects for hydrocarbons offshore in Australia, Brazil and Peru. The company said proceeds would be used for its exploration programs in Queensland’s Browse Basin and South America.